After almost two decades of near-unsupervised digital currency innovation, the United States has finally enacted legislation targeting one corner of the cryptocurrency (or “crypto”) ecosystem. In July 2025, President Trump signed the GENIUS (Guaranteeing National Infrastructure in U.S. Stablecoins) Act into law. Though limited only to the regulation of stablecoins (a particular type of cryptocurrency), the GENIUS Act marks a significant step in federal oversight of the crypto space. To understand the law’s significance, it helps to recall the origins of crypto and blockchain technology underlying it.
